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1. Transferring property out of your name
A bankruptcy trustee (the person who reviews bankruptcy cases) can reverse a transfer of property that previously belonged to you if the transfer was made within the last four years with the intent to delay or defraud a creditor. They can even do it even if simply a fair price was not received. Don’t be cute!
2. Line of credit/second mortgage to pay off credit cards
Don’t take a loan against your real estate in an effort to reduce the equity to pay off your debts. You can often file bankruptcy and not lose this valuable asset. If you take out a second mortgage to pay credit card debt, you may be putting your house at risk.
3. Failing to appear in court
You can’t avoid a lawsuit simply because you’ve decided to file bankruptcy. A collection case continues until your bankruptcy case is actually filed, which occurs only after the fees have been paid and you have provided your attorney with ALL the information needed. Retaining an attorney to file bankruptcy is an important first step, but it isn’t the end!
You can’t avoid a lawsuit simply because you’ve decided to file bankruptcy. A collection case continues until your bankruptcy case is actually filed, which occurs only after the fees have been paid and you have provided your attorney with ALL the information needed. Retaining an attorney to file bankruptcy is an important first step, but it isn’t the end!
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